Russian Bank VTB 24 partners with Vasco to secure banking channels

Move aims to provide security for both retail and corporate customers.

VTB 24, part of the Russia-based VTB Bank Group, has selected partnered with Vasco, a provider of authentication solutions, to use Vasco's Identikey Server to ensure the security of its banking channels.

Vasco said that the its solution will ensure the security of VTB 24's various banking channels for both retail and corporate customers.

The Identikey Server software provides the bank with a unified authentication system to which new applications can be added, and promotes simplification of administrative authentication procedures.

Identikey is an authentication server with one-time password, digital signature and EMV CAP functionalities, designed to secure internet banking applications, networks and web-based applications, according to the Vasco.

It provides a centralized user management and validates authentication requests from users trying to access banking applications.

VTB 24 senior vice-president, head of Banking Technologies department Pavel Gurin said that the introduction of strong authentication will allow the bank to protect customers from hackers, 'man in the middle' attacks and other kinds of online fraud.

"Our goal is to provide retail customers with the benefits of strict authentication based on EMV-CAP, and the convenience of a single authentication device for all applications. Corporate clients' accounts are secured by using electronic signatures based on PKI," Gurin said.